MIKBenefits – Michaels Employee Benefits

Michaels Health Benefits

Medical Plan

Michaels offers 4 medical plan options to their employees.

Prescription medicine coverage is included in all plans.

All Aetna Plans come with access to the Aetna Premier Care Network (APCN), which allows the employees to identify physicians and hospitals with proven track records.

The following are the plans available:

1. Aetna PPO Basic
2. HRA Aetna Select
3. Aetna Choice HSA
4. HRA Kaiser

By visiting AetnaPremierCare.com or contacting Alight at 1-855-496-0070 or [email protected], employees may ensure that their doctors and hospitals are part of this network.

Prescription Drugs

There’s no reason to spend more money on medicines than employees has to.

To obtain help identifying lower-cost options for drugs you take, call Alight at 1-855-496-0070 or email [email protected].

Here are a few additional methods to save money.

Look Up the Formulary

OptumRxValue Formulary, a list of preferred medications, is used by all of the plans.

Drugs on the formulary are less expensive.

Make Use of Home Delivery

Home delivery is essential for an employee to take maintenance drugs.

At a pharmacy or retail outlet, employees have authorized two 30 days refills.

After that, an employee will need to acquire a 90-day supply via mail order.

Employees can also obtain a 90-day supply at the local CVS Pharmacy, just like with home delivery.

Take Advantage of Bargains

To help employees keep more money in their pocket, compare costs and visit the resource site of their drugmaker.

The price of a prescription might vary by more than $100 across pharmacies located across the street!

HRA/HSA

HRA: A tax-free account that can be used to assist pay for qualified out-of-pocket medical expenses.

HSA: A Health-Care account that functions similarly to a 401(k) Plan.

Michaels makes a tax-free donation, and employees may make one as well. Employees can use the cash now and in the future to pay for qualified healthcare expenses.

Dental

The Cigna PPO plan allows employees to see any dentist in the network or outside of it, but there is a cap on how much the dental insurance will pay for treatments like cleanings and X-rays.

Employees may choose a primary care dentist who will direct care to the employee under the Cigna DHMO plan, and all services are covered on a copay basis with no out-of-network coverage.

Process for enrolling in the Cigna Dental Plan

To be eligible for reimbursement, an employee must first enroll in the Cigna Dental Oral Health Integration Program, which can be done in one of two ways:

• Visit the portal – myCigna.com.
• Select Coverage > Dental, and complete the online registration form.
• Request a mailed registration form by calling the number on the back of your Cigna ID card.

Vision

EyeMed Vision Care, a division of Michaels, provides vision coverage.

Employees may pay less if they stay in the network. If employees go out of the network, the plan pays a predetermined amount and they pay the rest.

Employees must pay the entire cost upfront and submit a reimbursement claim.

Flexible Spending Accounts

Michaels offers Flexible Spending Accounts (FSAs) to help employees save tax-free money for qualifying expenses.

Visit learn.healthequity.com/qme/ for a list of qualified costs.

A Health Care FSA can also help the employees bridge the gap until their deductible is met.

ALEX

ALEX is a web-based tool that will assist them in determining the optimum benefit package for the employees and their families.

When the employee speaks with ALEX, it will ask them a few questions about their healthcare needs, run some calculations, and show them what makes the most sense.

Most important, anything the employee says to ALEX is kept private, so don’t be scared to be completely honest about that strange tooth thing.

Employees meet the ALEX by visiting MyAlex.com/Michaels/2021.

Income Protection & Voluntary Benefits

Additional benefits are available from Michaels to assist protect your income if you get injured or handicapped.

Life/AD&D

Disability

If the employees are unable to work due to illness or accident, Short-Term Disability (STD) substitutes a portion of their income.

For paid Team Members, Store Managers, and Assistant Store Managers, STD coverage is offered at no cost.

STD coverage is available to hourly team members. Employees may still be eligible for reduced disability compensation if they have a pre-existing condition.

Long-Term Disability (LTD)

Long-Term Disability (LTD) insurance protects employees’ income if they become injured and unable to work for more than 90 days due to a sickness or injury.

For paid Team Members, Store Managers, and Assistant Store Managers, LTD coverage is offered at no cost.

Members of the hourly team can acquire LTD coverage.

Critical Illness

If the employees are diagnosed with a covered condition, they can get Critical Illness Insurance to assist bridge the financial gap.

Visit mikbenefits.com for a list of illnesses that are covered.

If employees don’t enroll when their first eligible, they’ll have to submit an EOI and have it approved by Reliance Standard before they can get coverage.

401(k) & Deferred Compensation

Vanguard 401(k)

• Company Contributions
• Vesting
• Withdrawals
• Loans
• Loan Fees
• Investments

Deferred Compensation

• On a pre-tax basis, employees can defer up to 75 percent of their base pay and 100 percent of their bonus.
• Set up pre-tax in-service accounts to help the employee to save for things like college tuition before they retire.
• Choose from a variety of investment alternatives offered by a number of well-known asset managers.
• Use Model Portfolios to automatically diversify investments, and take advantage of flexible retirement disbursements.

Leave of Absence

• Parental Leave
• Paid Time Off
• Vacation, Personal & Sick Time

Michaels Benefit Extras

• Adoption Assistance
• Camp Gladiator
• Colorado Technical University
• Child Care Discounts
• EAP
• Fitness Discounts
• Financial Discounts
• Phone Discounts
• Perks at Work
• Team Member Discount Card
• Tuition Assistance
• The University of Dallas — Master’s Program
• University of Phoenix
• WGU

Teladoc

Call 1-855-Teladoc for more information (1-855-835-2362)

Go to the website of Teladoc.com/Michaels.